Southeast

SRS Real Estate Partners Arranges $5.8M Sale of Naples Retail Property Leased to 7-Eleven

by John Nelson January 25, 2021

NAPLES, FLA. — SRS Real Estate Partners has arranged the $5.8 million sale of a freestanding retail property occupied by 7-Eleven at 4704 Golden Gate Parkway in Naples. The newly renovated property includes a 3,500-square-foot building and 16 gas pumps. Michael Carter and Frank Rogers of SRS represented the seller, a Florida-based merchant-developer, in the transaction. Brad Thessing, Roger Massell and Chris Twist of Thessing Commercial Properties represented the buyer, a private investor that purchased the property in a 1031 exchange.

January 25, 2021

Development Mixed-Use North Carolina Southeast

ATCO, Shorenstein Break Ground on Phase II of Camp North End Mixed-Use Project in Charlotte

by John Nelson January 22, 2021

CHARLOTTE, N.C. — ATCO Properties & Management and Shorenstein Properties LLC have broken ground on Phase II of Camp North End, which will include retail, office and multifamily spaces, as well as a parking garage. The mixed-used development is located on a former industrial site spanning 76 acres in Charlotte’s Druid Hills South district. S9 Architecture is the designer and BB+M Architecture is the architect of record for Camp North End’s second phase, which will include two office buildings totaling 120,000 square feet, 15,000 to 20,000 square feet of retail space and a multifamily community with a parking garage. ATCO and Shorenstein expect to deliver the second phase of construction in early 2022. Phase I was delivered in summer 2020 and includes 70,000 square feet of office and retail space and four food stalls within the Gama Goat building. Office tenants at the project include solar energy company Pine Gate Renewables, tech firm CloudGenera Inc. and Ally Bank. Retail tenants include restaurant Leah & Louise, bakery Wentworth & Fenn, Free Range Brewing, That’s Novel Books and boutique fitness center bloc. The project team is also in the preliminary planning stages for several other buildings onsite, including the renovation of the …

January 22, 2021

Acquisitions Georgia Multifamily Southeast

Passco Purchases Newly Built Multifamily Community Near Atlanta for $65M

by John Nelson January 22, 2021

GAINESVILLE, GA. — Passco Cos. has purchased The Mill at New Holland, a 284-unit multifamily community in Gainesville, for $65 million. The property offers studio to three-bedroom floor plans that feature granite countertops, stainless steel appliances, tile backsplashes and nine-foot ceilings. Communal amenities include a 24-hour fitness center, pool, outdoor grilling area, club room and a dog park. The asset is situated at 1000 New Holland Way NE, 56 miles northeast of downtown Atlanta. The seller, Mesa Capital Partners, delivered the community in 2020. According to Apartments.com, rental rates at The Mill at New Holland range from $1,099 for a studio apartment to $1,812 for a three-bedroom unit.

January 22, 2021

Acquisitions Industrial North Carolina Retail Southeast

Riverside Furniture Acquires Former Manufacturing Facility in Triad Region, Plans Renovations

by John Nelson January 22, 2021

GIBSONVILLE, N.C. — Riverside Furniture Corp. has acquired the former Burlington Mills warehouse and manufacturing facility in Gibsonville. The buyer plans to convert the building into its first distribution center in North Carolina. The asset is located at 5928 N. N.C. Highway 87, 22 miles northeast of downtown Greensboro. The Fort Smith, Ark.-based retailer plans to house more than 30 full-time employees at the 294,394-square-foot site. A timeline for completion was not disclosed. Brian Craven, David Hagan and Joe Stanley of CBRE|Triad represented the seller, DFA I LLC, in the transaction. The sales price was not disclosed.

January 22, 2021

Company News Florida Retail Southeast

Winn-Dixie Parent Company Moves Forward With Initial Public Offering

by John Nelson January 22, 2021

JACKSONVILLE, FLA. — Southeastern Grocers Inc., the Jacksonville-based parent company of grocery brands Winn-Dixie, BI-LO, Fresco y Mas and Harveys Supermarket, is moving forward with its initial public offering (IPO) that it filed in mid-October. Founded in 1924, Southeastern Grocers operates 638 grocery stores, pharmacies and liquor stores across Alabama, Florida, Georgia, Louisiana, Mississippi, North Carolina and South Carolina. According to Market Watch, the company has 36,000 employees and its expected listing date for its shares of common stock is next week under the symbol “SEGR” on the New York Stock Exchange (NYSE). Southeastern Grocers is launching its IPO for 8.9 million shares of its common stock to be sold at an anticipated price between $14 and $16 per share. BofA Securities and Goldman Sachs & Co. LLC are acting as joint lead book-running managers and as representatives of the underwriters for the IPO. Deutsche Bank Securities Inc., BMO Capital Markets and Wells Fargo Securities are acting as book-running managers for the IPO. Truist Securities is acting as co-manager for the offering.

January 22, 2021

Acquisitions Industrial Loans Southeast Tennessee

Ready Capital Provides $5M Acquisition Loan for Industrial Property in Memphis

by John Nelson January 22, 2021

MEMPHIS, TENN. — Ready Capital has provided a $5 million acquisition loan for a two-building, 280,000-square-foot industrial property in Memphis’ Airport submarket. The undisclosed borrower will use a portion of the funds to renovate the buildings. Plans include upgraded lighting, roof replacements and parking lot repairs. Ready Capital closed the non-recourse, interest-only loan, which features a 24-month term, floating interest rate, two extension options and flexible prepayment options. The property’s physical address and tenant roster were not disclosed.

January 22, 2021

Acquisitions Multifamily Southeast Virginia

NorthMarq Negotiates $167M Sale of Four-Property Multifamily Portfolio in Virginia

by Alex Tostado January 21, 2021

RICHMOND, VA. — NorthMarq’s Richmond office has negotiated the $167 million sale of the Waverton Virginia Portfolio, a four-property multifamily portfolio in Richmond, Newport News and Norfolk. Mike Marshall, Wink Ewing, Keith Wells and Ryan Rilee of NorthMarq represented both the seller, Portsmouth, Va.-based Waverton Associates Inc., and the buyer, an undisclosed regional investor, in the transaction. The portfolio includes Meridian Watermark, a 300-unit property in Richmond. The community is situated at 6500 Caymus Way, 15 miles south of downtown Richmond. There were two properties in Newport News in the sold portfolio: the 244-unit Denbigh Village and the 414-unit Impressions I, II and III. Denbigh Village is located at 14332 Deloice Crescent, 31 miles north of downtown Norfolk. Impressions is situated at 501 Coral Key Place, 29 miles north of downtown Norfolk. Lastly, Marina Villa, a 105-unit asset in Norfolk, is located at 8150 Shore Drive, nine miles northeast of downtown Norfolk.

January 21, 2021

Acquisitions North Carolina Office Southeast

JLL Brokers $115M Sale of BB&T Center Office Tower in Uptown Charlotte

by Alex Tostado January 21, 2021

CHARLOTTE, N.C. — JLL has brokered the sale of BB&T Center, a 22-story, 568,646-square-foot office tower in Uptown Charlotte. The sales price was not disclosed, although the Charlotte Business Journal reported the asset sold for $115 million. The seller, Arden Group, acquired the asset in 2017 and completed a $10.5 million renovation that included adding a 5,200-square-foot amenity center, tenant lounge and a 1,800-square-foot outdoor deck. Additional improvements included a new lobby and storefront renovation at Overstreet Mall, the primary entrance to the building. Current tenants include Truist Financial Corp. (the result of a merger between BB&T and SunTrust), AIG, TEKsystems, AeroTek and RingCentral. Chris Lingerfelt and Ryan Clutter of JLL represented the undisclosed buyer in the transaction.

January 21, 2021

District of Columbia Southeast

Another 900,000 Americans File for First-Time Unemployment Assistance

by Alex Tostado January 21, 2021

WASHINGTON, D.C. — Another 900,000 Americans have filed first-time unemployment insurance claims for the week ending Jan. 16, the U.S. Department of Labor reported Thursday. The most recent figure is a decrease of 39,000 claims from the previous week’s revised level of 926,000, but still remains higher than pre-pandemic levels. Initial weekly claims hovered around 200,000 in January and February of last year. The four-week moving average increased by 23,500 claims to 848,000 for the week ending Jan. 16. Continuing claims — for which data lags a week — totaled just under 5.1 million for the week ending Jan. 9. The number is a 127,000-claim decrease from the week ending Jan. 2.

January 21, 2021

Development Florida Multifamily Single-Family Rental Southeast

North American Development Group to Construct 252 Single-Family Rental Homes in Boca Raton

by Alex Tostado January 21, 2021

BOCA RATON, FLA. — North American Development Group will construct 252 for-rent single-family homes at the former site of Mizner Trail Golf Course in Boca Raton. The West Palm Beach, Fla.-based developer acquired the 127 acres from residential and resort developer Concord Wilshire Capital for $33.2 million. Concord Wilshire will have a participation interest in the development, which will be located on the west and east sides of Camino Del Mar between Camino Real and SW 18th Street. The single-family homes and townhomes will be divided into seven gated communities supported by one common amenity center. Kevin O’Grady of Concord Summit Capital advised Concord Wilshire in the land sale. A timeline for construction was not disclosed.

January 21, 2021

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